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Voluntary Repo, Now I'm Being Sued

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  • 01-28-2008, 12:10 PM
    craig78
    Voluntary Repo, Now I'm Being Sued
    My brother bought a pick-up in 2004. Then, he lost his job and volantary repo-ed the pick-up. The creditor sent the pick-up to auction and what was owed on the vechicle was $5,000 (after auction). The creditor asked my brother for $5,000 and my brother told them he had no money or assets. A year later we learned that the creditor wrote the truck off as a loss. He even checked his credit report and there was no repo.

    A few months ago my brother was contacted by a law firm and he was demanding $7,500 for the pick-up. After some research we have learned that the lawyer bought the loan from the creditor pennies on the dollar. The lawyer is threating to sue my brother. My brother has tried to work out a deal but the lawyer is demanding my brothers bank account numbers for direct payment. My brother has no assets and lives with our parents. He does have a cheaper Jeep that he bought early last year and he has 6 years left to pay.

    My question is this; Does a 3rd party [in this case a law firm] have the right to sue for account that has been written off by the creditor as a lost?

    -PS: My brother lives in Texas
  • 01-28-2008, 01:13 PM
    lwpat
    Re: Voluntary Repo, Now I'm Being Sued
    Yes, they can sue but all they will get is a judgment which they will then have to try and collect. It is unlikley they will do anything but harass him. If he gives them his account information or pays them they will try to draft his account without his knowledge.
  • 01-28-2008, 01:38 PM
    craig78
    Re: Voluntary Repo, Now I'm Being Sued
    They are threaten to garnish his [my brothers] wages and what is a judgment?

    -Thank you
  • 01-30-2008, 01:22 PM
    GreatGadsby
    Re: Voluntary Repo, Now I'm Being Sued
    a judgement is an order from the court awarding a party to a lawsuit some form of relief. in this case it would be to order that your brother owes $xx.xx to the creditor. it's what they get after they sue him, if they win.
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